Opportunities in innovation

Question: Where are opportunities in emerging markets?

Martin Schulz: Well, the emerging markets have a long trend future, and we see it's not just all about China really, at the end of the day. So for us looking to Brazil, looking to places like South Korea and Taiwan, you obviously have demographics, but you also have innovation. Innovation is something that we haven't thought about in the emerging markets because, historically, these were markets that had materials, utilities and banks. But we're seeing, for example, in the EV revolution, places like Taiwan, places like South Korea and China, really are places that we're looking to invest long-term growth capital.

Question: Are there opportunities in emerging markets beyond China?

Martin Schulz: We're getting a lot of questions about China and the emerging markets and whether we can invest in either or both. We think you can invest in both. We don't think China's uninvestable. We also think there's a lot of opportunity in emerging markets. Again, Taiwan, South Korea and Brazil are places that we're looking hard at, where we see demographic tailwinds, you see, obviously, valuation growth, momentum, drive those markets forward. And so that's where we're looking, that's where we're looking to invest our future.